08 July 2023
My wife working as a lecturer in a college under contract basis. Her total Remuneration is Rs.3,68,100/-annually. Tds Rs.3684/- deducted under 194 c section. Her Professional code is 17007(other education services n.e.c). Her professional comes under non specified professional under Section 44AA(2). She has to file ITR under ITR3. She got Rs.1632/-interest from her savings bank account. She is not claiming any deductions under any sections. As we know up to Rs.5 lac income, no tax is charged as per tax slab for fy 22-23. We have a confusion about sections of presumptive income scheme. Under which sections of presumptive income scheme we should show . Whether it is 44AD or 44ADA. or can we show the income without using presumptive income scheme. Where to put contract income under ITR3. Kindly fully guide us in this regard.
08 July 2023
It's 44AD income. You can show it without presumptive income scheme as your income is below taxable limit. In ITR in the trading account show 368100 as turnover and under expenses put zero.
08 July 2023
"It's 44AD income. You can show it without presumptive income scheme as your income is below taxable limit. In ITR in the trading account show 368100 as turnover and under expenses put zero"
As per your above reply statement , I showed the above amount in trading account under income from professional receipts column. but in the end when I pressed the validation button the error came and it shows as under:
ii. Presumptive Income a. 6% of 61(i)(a) above or the amount claimed to have been earned, whichever is higher
in the right side of this , there is a blank amount column to enter amount with red message "Error :If amount entered at Sl. No.61(i)(a), this field is mandatory
I think that it is asking to enter the presumptive income amount. later I entered zero in the column. after it is it validated. My question is that, If we skip the presumptive income scheme, is there any mandatory to maintain books of accounts and auditing.
Kindly guide me us with your valuable suggestions Thank you
CAclubindia
